JPI announced Oct. 28 the close of construction financing on Jefferson at The Grove, a Class A multifamily development that will feature urban-style architecture, extensive community amenities and upgraded interiors.
The urban farmhouse-style community, located on the border of Frisco and McKinney, will include 424 apartment homes and is scheduled for opening in Spring 2022. The project is being developed through a joint-venture with Dallas-based International Capital LLC, a real estate investment manager.
Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails, all within convenient access to four top-rated Frisco ISD schools, a news release said.
“JPI is committed to offering best-in-class multifamily housing options that exceed market expectations to the North Texas region, and Jefferson at The Grove is another example of that mission in action,” said JPI’s Executive Vice President and Central Region Managing Partner Payton Mayes.
“International Capital has been an investor in and proponent for the growth of Dallas/Fort Worth’s northern suburbs for many years,” said International Capital President and CEO Andreas Bremer. “The demand for quality housing continues to remain strong through the pandemic, and growing suburbs, like Frisco, will continue to see this accelerated absorption for the foreseeable future.”
The development is located near the intersection of the Sam Rayburn Tollway and Custer Road at 16220 Phoebe Road on the southwest corner of Main Street and Custer Road.